To find the total amount paid at the end of the number of years you pay back your loan for, you will have to multiply the principal amount borrowed with 1 plus the interest rate. Then, raise that sum to the power of the number of years. The equation looks like this: F = P(1 + i)^N.

What is the total amount payable?

Total amount payable is the actual amount you are paying during the loan term. It is a total of all the monthly installments paid during the loan period. Or in other words, this is the total amount you owe to the financing company, including interest.

How is total payment calculated?

When you take out a loan for a car, a home, or some other purchase, you pay back interest in addition to the principal, or original loan amount. Add a column in your loan amount chart for Total Payments. To calculate the total amount you will pay for the loan, multiply the monthly payment by the number of months.